Indian markets can see another day in red today. Evidence from other stock markets today is negative. Asian markets opened strong in red today. US markets closed in the red on Friday. The Asian Development Bank has said economic activity in India has still not returned to pre-pandemic levels. Therefore, the RBI should slow rate hikes.
US markets continued to suffer from the US Federal Reserve’s dovish stance on inflation and interest rates. Dow Jones closed down 1.62%. NYSE closed, down 2.26%. S&P 500 closed down 1.72%. Nadaq closed down 1.8%.
Asian markets opened sharply lower today. Japan’s Nikkei is down 2.26%. The Taiwan Index fell 1.92%. Kospi is down 2.63%. ASX is down 1.46%.
Nifty saw another volatile daily close with losses as the index lost over 500 points in the last two sessions of the week. The big loser was bank Nifty, which was down over 1100 points on Friday as it fell over 2400 points from recent all-time highs. Mid-caps also saw carnage, with the Nifty Midcap 50 Index falling over 2.68%. Selling collateral against derivatives losses exacerbated the sell-off.
Technical View: Nifty is likely to find support around 17150, while 176500 is likely to act as resistance on the upside. Bank Nifty should find support around 38,800 while 40,000 is likely to act as resistance.
TRADING CALL (1-2 days): Sell Naukri September Future @ 3875-3925. Stop Loss: 3978. Target: 3820.
Derivatives Call Period: (1 month): Sell Titan September Future @ 2660-2700. Stop Loss: 2733. Target: 2625
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